September 11, 2020- by Leticia Labarca

At the beginning of 2020, the Central Bank announced a new form of payment between Brazilian accounts that will allow transfers to be made within 10 seconds without limits.

Nowadays we already know the TED (Available Electronic Transfer) and DOC (Credit Order Document) modalities that are widely used in Brazil, but in addition to taking a few hours or even days to be available in the beneficiary’s account, a fee is also charged (up to R$20 per transaction with limits on the amount sent).

The goal of the new modality launched by the Central Bank will be to lower the cost of payment and transfer operations.

The PIX will allow transfers of any amount to individuals or companies and virtual payments or to physical storefronts. Operations can be carried out 24 hours a day, including weekends and holidays.

PIX transactions can be carried out in different ways:

– Informing the beneficiary’s bank details (full name, bank, branch and account);

– Informing the PIX key, this key may be the cell phone number, e-mail, CPF or CNPJ (of which only one of these options will be necessary);

– Or also by reading a QR code.

Remembering that PIX will be launching for everyone on November 16, 2020. It will certainly be a great evolution and innovation for all citizens who will start using this new modality with all practicality, speed and affordable rates. Transfers between individuals will be free. For companies there may be a fee, but the values ​​have not yet been defined.

We, at Brasil Remittance, receive many questions regarding payment of bank slips in Brazil. We do not provide this service, but we can transfer it to your bank account and through the PIX system you can pay your bank slip in seconds. Remembering that you need to have a bank account in Brazil. And for those who do not yet have a bank account in Brazil, nowadays there is much ease to open an online digital account being outside the country. We do not provide these services but if you have any questions, please contact us and we can guide you. We can also transfer your funds from Canada to your digital accounts in Brazil.

For detailed information about PIX instant payments in Brazil, visit the websites below: